Leap-Frogging the Competition through Blue Ocean Strategy: A Compelling Case For Small and Medium Enterprises

Abstract

In today's competitive business landscape, Small and Medium Enterprises SMEs face challenges in standing out and expanding their market reach. Traditional approaches like cost-cutting and price competition may not be sufficient for sustainable growth. To overcome these challenges, SMEs can adopt a Blue Ocean Strategy (BOS) to create uncontested market space and leapfrog the competition. It involves finding and creating a new market space, rather than competing in existing markets, by offering a unique value proposition that attracts new customers. This paper explores the key concepts of the Blue Ocean Strategy and how SMEs can apply them to their businesses. It also presents case studies of successful SMEs that have used the Blue Ocean Strategy to achieve significant growth and profitability. These case studies show how SMEs can find new market spaces and create differentiated value propositions to attract new customers, outcompete and outperform their rivals.

Keywords

• blue ocean strategy
• small and medium enterprises
• value proposition
• strategy canvas
• recreannovationism